This paper deals with the evolution and problems of Vietnam's trade liberalization and international economic integration during 1990-2004. First, the paper overviews the changes in Vietnam's trade regime, especially in recent years, in terms of trading rights, tariff and non-tariff barrier structure, and incentives for export promotion. Second, the commitments under the CEPT/AFTA and Vietnam-U.S. Bilateral Trade Agreement and the lessons from their implementation are examined. Third, the paper describes the progress of Vietnam's efforts to become a WTO member and attempts to answer the questions of how Vietnam can enjoy favourable conditions for accelerating its accession to WTO. Fourth, the key issues and challenges facing Vietnam during the process of further trade liberalization and integration are considered.